I remember well debating the concept a single European currency with my Dad when I was growing up in Germany long before the Euro was actually introduced. As a teenager I was fervently in favor and he was deeply skeptical. I am now watching with fascination how the very concerns my Dad had at the time are playing themselves out in Greece. A monetary union is not sustainable if it is not accompanied by a deep fiscal and political union. I had, naively, assumed that the political and fiscal par...

I remember well debating the concept a single European currency with my Dad when I was growing up in Germany long before the Euro was actually introduced. As a teenager I was fervently in favor and he was deeply skeptical. I am now watching with fascination how the very concerns my Dad had at the time are playing themselves out in Greece. A monetary union is not sustainable if it is not accompanied by a deep fiscal and political union. I had, naively, assumed that the political and fiscal par...